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Solo Oil says independent study points to "enormous potential" of Ruvuma Basin PSAJuly 02 2012, 7:04am
The work, carried out by ISIS Petroleum Consultants, points to “unrisked” gas in place of 5.75 trillion cubic feet.
Based on these findings and the recent flow tests of the Ntorya-1 discovery well, Solo said it will be “actively seeking an additional partner to participate in the next phase of exploration and development”.
The study suggests Ntorya contains an unrisked 1.17tcf of gas, of which 178 billion cubic feet is discovered.
However there is a potentially large lead “up-dip” of Ntorya, which is estimated to be in the order of 2.62tcf, Solo said.
The ISIS report also points to “significant, but so far unquantified” oil potential in the Karoo Formation.
Director Neil Ritson said: “The existence of identified discoveries, leads and prospects with mean potential of 5.75 tcf and a further significant potential for oil underlines the enormous potential of the Ruvuma PSA.
“When taken together with the vast reserves discovered to date offshore and the favourable operating cost environment of the onshore this represents a very valuable resource.
“Existing nearby infrastructure and the planned Mtwara to Dar es Salaam pipeline further enhance the commercial value of this acreage.
“On the basis of the recent gas flow test results at Ntorya-1 and the over 1 tcf potential at Ntorya and the other prospects reported by ISIS; Solo will now be actively seeking an additional partner to participate in the next phase of exploration and development in the PSA.
“This is a very exciting time for Solo and we expect to have further positive news through the summer."